I need help answering the following questions.Part IV: Inventory

Please consider the Income Statement and Note 17 (Supplemental information) for General Mills below and answer the following questions. For the purpose of this problem, assume that inventory values determined using the average cost method are equivalent to FIFO values. Also assume that revenue is presented net of bad debt expense. Assume that the Company charged $7 million as bad debt expense. Compute the amount of bad debts written off in 2010.

Compute the amount of cash collected from customers during the year ended May 30^th, 2010.

Compute the cost of sales for the year ended May 30^th, 2010, assuming all inventory is valued under FIFO.

Did General Mills pay more or less taxes during the year ended May 30^th, 2010, by using LIFO instead of FIFO? (Assume the tax rate is 35%)

5. Estimate the tax savings from using LIFO since the company?s adoption of LIFO. (Assume the tax rate is 35%) The Income statement and Note 17 are in the attached word document.

Part IV: Inventory Please consider the Income Statement and Note 17 (Supplemental information) for General Mills below and answer the following questions. For the purpose of this problem, assume that inventory values determined using the average cost method are equivalent to FIFO values. Also assume that revenue is presented net of bad debt expense. 1 Assume that the Company charged $7 million as bad debt expense. Compute the amount of bad debts written off in 2010. 2 Compute the amount of cash collected from customers during the year ended May 30th, 2010. 3 Compute the cost of sales for the year ended May 30 th, 2010, assuming all inventory is valued under FIFO. 4 Did General Mills pay more or less taxes during the year ended May 30 th, 2010, by using LIFO instead of FIFO? (Assume the tax rate is 35%) 5. Estimate the tax savings from using LIFO since the company's adoption of LIFO. (Assume the tax rate is 35%)